This strong increase in GMC ATP figures is contrasted by a milder-in-comparison year-over-year decrease in transaction prices for parent company General Motors. When including all four of GM’s U.S.-market brands in the calculations – which includes the likes of Chevy, Buick, Cadillac and GMC – the ATP for a new GM vehicle was $51,565 in July 2023. This represents a one percent increase when compared to July 2022 numbers, where GM’s ATP number stood at $51,057 per vehicle. On a month-over-month comparison, General Motors’ average transaction prices decreased 1.7 percent from $52,462.
Overall, the auto industry recorded a 0.4 percent increase in ATP figures year-over-year from $48,135 in July 2022 to $48,334 in July 2023. In contrast, ATP dropped 0.7 percent on a month-over-month basis, where vehicles were selling for an average of $48,671 in June 2023.
The report identifies two factors for this change in July 2023 ATP figures, including:
- Electric vehicle prices continue to decline
- Incentive reach one-year high
“New-vehicle price inflation has all but disappeared in 2023,” Cox Automotive Research Manager Rebecca Rydzewski said in a prepared statement. “New-vehicle prices, primarily driven by cuts in luxury and electric vehicles, are decreasing as inventory is steadily improving. With higher inventories and higher incentives helping to keep downward pressure on prices, there certainly are good reasons for shoppers to be heading back into the market. The year-over-year decline of EV ATPs has been led by Tesla slashing prices on its popular models. Tesla prices are down nearly 20 percent versus a year ago, and other EV models, such as the Ford F-150 Lightning, have been following Tesla’s lead. While automakers report losing money on electric vehicles, they continue to aggressively pursue EV growth strategies.”